Electric vehicle stocks rally with Tesla halo shining bright again
The electric vehicle sector saw some gentle gains on Thursday after Tesla's (NASDAQ:TSLA) earnings report did not include any pricing shockers.
The tone from Tesla (TSLA) is that the price drops on key models are due to falling costs in the supply chain and logistics, instead of any indication that demand is lagging or the company is desperate for market share. That may have calmed some investors worried about a protracted 2023 EV pricing war.
Gainers included Helbiz (HLBZ) +11.67%, Embark Technology (EMBK) +7.08%, Arrival (ARVL) +6.42%, Li Auto (LI) +5.75%, Lightning eMotors (ZEV) +4.15%, Hyzon Motors (HYZN) +4.14%, XPeng (XPEV) +3.84%, Ouster (OUST) +3.78%, Sono Group (SEV) +3.65%, Ayro (AYRO) +3.45%, Polestar Automotive (PSNY) +3.15%. Much further down the list were Lucid Group (LCID) +1.22% and Rivian Automotive (RIVN) +0.88% - while Fisker (FSR) fell 1.55%.
As for the EV mother ship, Tesla (TSLA) was showing a 9.66% gain at 10:28 a.m. on Thursday and traded as high as $161.42. It was only about three weeks ago that Tesla was bordering on dropping below the $100 mark. Tesla is now back over the $500B market cap level.
Dig through some of Tesla earnings report highlights.